Tilman Fertitta takes Las Vegas
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Tilman Fertitta bought 7 million shares of Wynn Resorts stock for $400 million. He is the owner of FERTitta Entertainment, which owns more than 600 restaurants, hotels, casinos and other entertainment destinations across the US. In October, the Clark County Commission approved his plans for an upscale resort at Las Vegas Boulevard and Harmon Avenue. He's a cousin to the Feritta family that controls Red Rock Resort. His 6.1% stake in WynN will make him the second largest shareholder behind Steve Wynns' ex-wife Elaine.
Brendan Bussmann is a managing partner with B Global. He believes that Tilman Fertitta's latest moves shows his interest in Las Vegas and the gaming industry. Las Las Vegas has a history of strong personalities. Oliver Lovat, CEO of the Denstone Group, predicts that the new property will be a challenger to the high-end properties. The property is expected to open in 2023. It will resemble the upscale Post Oak Hotel & Tower in Houston. If it's modeled after that, it will challenge the likes of Wynn, the Cosmopolitan, and Fontainebleau Las. Vegas.
Tilman Fertitta bought shares in Wynn. The company has four pockets of its operation: Las Vegas, Boston Harbor, overseas with its Macau properties and a planned casino resort in the United Arab Emirates, and online gaming with WynNBet. Tilman doesn't have an international piece. The stock price of Wynns has recovered since FERTitta acquired shares. Genting Malaysia will keep existing concessions in Macao. There were fears one of the US operators could be displaced. DeCree believes Tilmen might make an outright bid for Wynnas.
Tilman Fertitta bought stock in Wynn Resorts. Some of the recent enthusiasm in the shares is based on speculation of further activity from FERTitta. Andrew Klebanow, a principal with C3 Gaming, said Fergitta's stock acquisition could be viewed as shrewd “short–to-mid-term investment” given concerns over the business climate in Macau.
Sports betting is in an interesting place, especially with publicly-held companies. Fertitta built Golden Nugget online into a formidable online casino in New Jersey. He might see himself and the management team adding more value in terrestrial plays. Swissman believes that long term he likes his investment in DraftKings.
